IWG down as profitability takes hit

The share price of FTSE 250 office operator IWG (LON:IWG) fell by 1.52% to 389.30p (as of 12:00 GMT) as it published a trading statement for the quarter ended 30th September. The company’s open centre revenue was up by 15.5% with strong momentum in the UK market and 66 new locations added during the period.

However, while the company was adding to its network, it has also rationalised and closed roughly 4% of its network over the year to date which will have a negative impact on profitability.